Payments News

On The Web

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Domains

Treasurers See Plenty of Use Cases for Real-Time Payments, And They’re Writing Fewer Checks

“Corporate treasurers can identify numerous use cases for real-time or otherwise faster payments, but they do worry about transaction security, according to the Association for Financial Professionals. Some 60% of respondents surveyed in the AFP’s newly released 2019 payments study said business-to-business transactions will benefit the most from faster and real-time payment systems, with consumer-to-business […]
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Systems

Amendment to the Maximum Amount Per SCT Inst Transaction to 100,000 Euros

“On 10 September 2019, the  Scheme Management Board (SMB) – the body responsible for the administration and evolution of the  Single Euro Payments Area (  ) payment schemes, decided to amend the maximum amount per  Instant Credit Transfer (  Inst) transaction to 100,000 euros, effective as of 1 July 2020. For the time being, the maximum amount an Originator can transfer via a single  Inst […]
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Systems

JP Morgan Takes on Stripe and Square With Faster Payments for Merchants

“J.P. Morgan Chase wants to disrupt the fintech disruptors. The company is rolling out free same-day deposits to customers of its WePay platform who have bank accounts with the firm, according to Bill Clerico, CEO of WePay. J.P. Morgan acquired the Silicon Valley-based start-up in December 2017.   “With other payment processors, when a small […]
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Reports

FIS’s Annual Global Faster Payments Report

“In 2019, the number of real-time payments systems jumped to 54, bolstered by new services in Asia and Europe’s SCT Inst Scheme, currently offered in 20 eurozone countries. Now that the payment rails are in place, the focus is shifting to the development of new innovative propositions through open API-enabled services and a further acceleration coming from enhanced data and ISO 20022.”
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Systems

Mastercard to Launch “Request to Pay” Bill Pay in the UK

“Vocalink’s Request to Pay solution in the UK is the latest addition to Mastercard’s portfolio. It supports the business’ effort to bring innovation to bill payments and aid consumers. In addition, this latest collaboration builds on previous partnerships, such as the UK Image Clearing System (ICS) for cheques. Business process automation firm Exela will be […]
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Systems

For FedNow, a Lot More Questions Than Answers

“Two Fed officials fielded questions about those topics and more during a 90-minute Fed-sponsored webinar last month. Much of what was discussed wasn’t new, but some new factoids emerged as well as identification of issues that will be getting much more attention as the service develops (“The New Reality in Real-Time Payments,” September). For example, […]
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Providers

As Real-Time Payments Rivalry Heats Up, Vendors Eye Market Niches And Mid-Tier Institutions

“With The Clearing House Payments Co. operating a real-time payments network and the Federal Reserve planning one for no later than 2024, payments companies are looking at slices of the market for opportunities in instant money movement. And these niche plays aren’t just the province of the country’s biggest banks. The latest development comes from […]

On The Wires

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Systems

WePay Launches Same-Day Deposits to Chase Bank Accounts at No Additional Cost

“The new functionality will help tens of thousands of U.S. small businesses that use platforms like BigCommerce and Xero to get paid faster. It also showcases the combined capabilities of a Silicon Valley financial technology company joining one of the world’s largest, most admired financial institutions. JPMorgan Chase acquired WePay in December 2017. Same-Day Deposits […]